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Update: Lynas Rare Earths Fiscal Q4 Sales Revenue Jumps 70%; Shares Fall 6%

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(Updates to add stock movement in the headline and the last paragraph)

Lynas Rare Earths (ASX:LYC) reported fiscal fourth-quarter gross sales revenue of AU$288.9 million, up 70% from a year earlier and the highest quarterly revenue achieved since the fourth quarter of fiscal 2022, according to a Wednesday filing with the Australian bourse.

The company also reported total rare earth oxide production of 3,481 tonnes for the three months ended June 30, up from 3,212 tonnes in the year-ago period, per the filing.

Cash payments for capital expenditure, exploration, and development hit AU$27.8 million, compared with AU$88.1 million a year earlier.

Lynas Rare Earths said it achieved production of its first Samarium oxide in March and expects to fulfill initial customer orders in the current quarter.

The company's shares fell around 6% in recent Wednesday trade.

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